TAMPA, Florida — Bloomin’ Brands, Inc. will close 21 underperforming Outback Steakhouse restaurants in the U.S. and will not renew leases for another 22 over the next four years, as part of a broader turnaround strategy focused on strengthening the brand, according to its 2025 Q3 Financial Results .

The closures, completed in October, generated $33.2 million in asset impairment and net closure charges in the third quarter, with an additional $5 million to $7 million expected in severance and closure costs during Q4 2025, the third-quarter report says.

CEO Mike Spanos said the company is reallocating free cash flow toward restaurant improvements and debt reduction. The dividend has been suspended to support these efforts.

Bloomin’ Brands owns and operates Outback, Carrabba’s Italian Gr

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